Archive for 'Small Business Tips'

If you have workers in your business, you likely made a decision when you hired them as to whether they should be an employee or a contractor. If all you hire is employees, then you have nothing to worry about. But if you hire contractors, there may be some financial risk you may taking that […]

An initial look at the new business deduction Know your businesses’ QBI QBI stands for qualified business income, which is generally your business net income other than income in the way of wage compensation. QBI is the basic figure you need to determine how much of the 20 percent reduction you get. It excludes business […]

Though many taxpayers appreciate the income tax cuts in the Tax Cuts and Jobs Act (TCJA) passed late last year, others are skeptical that this new tax legislation will simplify their tax planning. With every simplification, there are many more tax issues that still require planning to realize extra tax benefits. Here are seven of […]

Every business has a gold mine in its current customer base. But not all business owners remember to mine this gold because they are too busy trying to attract new customers or developing new products or services. This is the perfect time of year to step back and remember the three easiest ways to grow […]

Getting audited by the IRS is no fun. Some taxpayers are selected for random audits every year, but the chances of that happening to you are very small. You are much more likely to fall under the IRS’s gaze if you make one of several common mistakes. That means your best chance of avoiding an […]

How to locate lost benefits For one reason or another, you may find yourself in a situation where you’ve lost track of a retirement account like a 401(k) or pension. There are several ways this can happen: Job change. People change jobs in today’s economy much faster than they did in the past, and that […]

Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful. 1. Have patience. Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that […]

Some small business owners have the mistaken belief that as long as they have all their paperwork together in one box that they’re doing a good job with their finances. Nothing could be further from the truth. In fact, you could be making a costly mistake! This is known as “shoebox bookkeeping” and many times […]

The IRS has just released the standard mileage rates for 2018. For business use of an automobile, the rate will increase to .545 cents per mile, up from .535 cents for 2017. For medical and moving expenses, it is increased to .18 cents per mile, up from 17 cents for 2017. For services to charitable organizations, […]

What small businesses need to know Small business owners beware: the IRS may more closely scrutinize reporting of credit card transactions after it was criticized for lax enforcement. The IRS’ overseer, the Treasury Inspector General for Tax Administration (TIGTA), recently said the IRS had been missing opportunities to audit tax returns that had large discrepancies […]